Leveraging U.S. debt cannot end well

IRVINE, Daniel Barbeau: Columnist Mark Weisbrot is entertaining and educating. He displays the sort of warped logic that has ensnared big-government types for ages, but he fails to mention the dire consequences of debt and its drag on an economy [“Does the economy need more stimulus?” Opinion, July 11].

He laments $1.3 trillion leaving the economy from the bursting of the unsound real estate bubble, but then endorses more bad investment by the government in the form of a stimulus, which creates another bubble.

He is giddy that the government can borrow at 1.6 percent for 10-year treasuries, ignoring that the artificially low rate is likely created by investors fleeing Europe and ignoring the historical average of 6.5 percent. He heaps praise on “free” money from borrowing and quantitative easing, but I implore readers to be wary of economists and politicians bearing “free” gifts.

Paraphrasing Milton Friedman, there is no economic free lunch. Weisbrot assures readers that there is no debt problem since interest payments are “only” 1.4 percent of gross domestic product. That amounts to $211 billion every year only if the government maintains record-low borrowing rates.

The Keynesian mantra is “Don't worry, the dotcom/real estate/government borrowing bubble will go on forever, and no outside variables will bring down the house of cards. What happens when the world realizes that the United States cannot pay its debts and government borrowing costs shoot to a Hellenic 30-percent-plus? Then, I surmise, Weisbrot will shift his admiration from the Greek to the Zimbabwean economic model and declare: Print baby. Print.

Borgnine was the best

NEWPORT BEACH, Bill Spitalnick: Who said you have to be beautiful, slim and sexy to be a movie star? I know one person who ignored that advice for 50 years and still garnered an Oscar. We, sadly, say goodbye to Ernest Borgnine, who left us at 95 years of age. From a homely butcher in “Marty,” where he did himself proud with an Oscar for Best Actor, to a sadistic sergeant of the guard at the stockade in “From Here to Eternity” to a carefree PT boat captain in “McHale's Navy,” Borgnine seemed perfect for each role.

Borgnine, who boasted that he was happier when he was working, was married five times. He apparently was a teddy bear in real life and was loved by many but will be missed by millions, including myself. So long, Ernie. May your travels now really be smooth sailing, from here to eternity.

Wanna talk 'freedom'?

TRABUCO CANYON, Mark Myran: I have seen a lot of anger over our loss of freedom under the Affordable Care Act. I fail to understand why so much energy goes into a relatively trivial matter when our freedom has been under much greater attack.

Since 1980 our prison population has quadrupled, while the violent-crime rate has stayed relatively constant. One in 18 adult males are either in prison, on parole or on probation. These are people whose freedom has been taken away due, in large part, to a “war on drugs” that has filled our prison system but has not really impacted drug use at all.

Meanwhile, the “war on terror” has led to numerous reductions in our freedom with little protest from Americans. The government can spy on you with no warrant, hold you in prison indefinitely with no charges, and even execute you without due process. If we truly believe in freedom, we should address these issues first, and then worry about whether we have to buy health insurance.

'Funding the intolerable'

NEWPORT BEACH, Robert and Linda Fleming: When King George III taxed tea, there was no mandate to buy tea, nor did he impose a monthly surcharge of $1 to fund killing the next generation of Colonists. The Affordable “Care” Act takes intolerable to a new level. With this additional mandate, Americans won't just have skin in the game; we'll all have blood on our hands. We can only wonder why the president's signature law sets abortion above every other health concern.

We hold these truths to be self-evident: unborn children are innocent; abortion is an attack on “life, liberty and the pursuit of happiness”; forcing Americans to fund abortions is evil.

May God help us.

Revenue isn't 'savings'

LA MIRADA, Richard Collins: Since when is a tax increase a “savings” – even when it will only be applied to “them” (household earners of $250,000 and more)? In the article, “Obama seeks to shift election to tax debate” [News, July 10], the “by the numbers” section states the White House claims that allowing the [Bush] tax cuts to expire for the above group would “save the government about $800 billion over 10 years.” While it may increase government revenue by this amount, how can anyone assert that this is savings?

The story was under the “politics” header so I assume that it is part of AP's aim to re-elect President Barack Obama. As slanted as their reportage is getting, maybe the Register should label their articles for what they are – paid political advertisements” – and charge for printing them.

Undocumented 'victims'?

LAKE FOREST, Lynn Price: Oh, come on, Jorge Delgado [“Immigrants mocked,” Letters, July 11], your outrage at William Heideman's comment about “undocumented illuminators” needs a splash of cold water [“New status for fireworks,” July 9]. Our immigration system is a complete joke, so let's not pretend “undocumented” immigrants are victims of anything other than consciously entering our country illegally with the full support of our current administration. It's an insult to all legal immigrants who understand the difference between right and wrong.

Employment 101

SAN JUAN CAPISTRANO, Barry Chapman: The July 7 Register carried an article about President Barack Obama signing the Student Loan and Transport Bill [“Obama signs student loan, transport bill into law,” July 7]. The article said that Sen. Barbara Boxer expected the measure to put millions back to work and stated, “For two years and three months we're going to see 2 million jobs saved and 1 billion jobs created.

By my math, a billion jobs equates to 37 million jobs created per month for 27 months. It is obvious that the senator has no understanding of the jobs market and needs to take a course in Employment 101.

Why vote for GOP?

DANA POINT, Wayne Via: Letter-writer Robert Cmelak asked why anyone would vote for President Barack Obama [“Why Obama election polls stay so high,” July 9]. My question is, why would anybody vote for a Republican president? The last Republican president started two wars and caused the second-largest financial crisis in history. Then when the Republicans got control of the Congress, they refused to pass any bill that would make the American economy stronger, just to make sure that Obama didn't win re-election. Their party affiliations were more important than the country's welfare.

If you vote for the “My-way-or-the-highway” party, then you deserve the government you get.

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